for helping us track down data and for many helpful conversations and suggestions.The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research.

Cross-listed shares may confound government efforts to control capital outflows by providing a legal means through which investors can transfer their wealth outside the country. We study the recent experience of investors in Argentina and Venezuela who while subject to capital controls, were able to purchase cross-listed shares using local currency, convert the shares into dollardenominated shares, re-sell them in New York and deposit the dollar proceeds in U.S. bank accounts. We show that capital controls drive a wedge between the price of local shares and their corresponding cross-listed shares. This anomalous wedge provides a measure of the market's implicit devaluation forecast and the value of capital control circumvention. We also find that the imposition of controls in Argentina led to changes in the underlying pricing structure of crosslisted shares in Buenos Aires and New York.

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La evidencia empírica internacional muestra que las mujeres tienen menos acceso al financiamiento, tanto al crédito personal como al crédito empresario (según el género de quién lidera la empresa). Esta brecha de género, que se debe a factores de oferta y de demanda, preocupa, tanto desde el punto de vista de equidad o igualdad de oportunidades, como de la eficiencia, ya que en una economía de mercado el acceso al financiamiento es clave para la asignación eficiente de los recursos, y cualquier imperfección en su funcionamiento se puede traducir en menos crecimiento económico. En este trabajo se analiza la brecha de género con tres bases de datos distintas, Global Findex, una encuesta a nivel de individuos, SME Finance Forum, datos agregados estimados, y Enterprise Survey, una encuesta a nivel empresarial que informa el género del gerente general. Se destaca que, en ningún caso, ni a nivel personal ni a nivel empresarial, ha sido posible eliminar las brechas incluyendo factores observables. Por lo tanto, las mujeres en la región están más desaventajadas y esto es un motivo de preocupación, ya que incide en la productividad de la economía, la fertilidad y la tasa de acumulación del capital humano, tres dimensiones donde los países estudiados muestran déficit.

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